In partnership with Founders First CDC and the Center for Economic Inclusion Vanguard Accelerator are offering Latina and Black Women-owned businesses capital investment and funding to accelerate their growth.
MINNEAPOLIS, Jan. 31, 2024 /PRNewswire-PRWeb/ -- Beginning January 29, The Center For Economic Inclusion, (The Center) is opening up its third round of funding to Latina and Black Women business owners in the Twin Cities region. The Center is offering a total of $700,00 in forgivable loans and $50,000 in unrestricted grant funding to 10 Latina and Black Women business owners in the Twin Cities region. The program aims to rectify the historical inequities in access to capital by supporting the ability to scale and further contribute to the nation's economy.
The application deadline is Wednesday, February 21, 2024.
Vanguard Accelerator Program Eligibility Requirements:
To qualify, the founder must:
- be a Latina or Black women business owner with an active business in a targeted growth sector, based in the Twin Cities,
- have annual revenues between $75,000 and $3 million,
- employ at least three full-time employees,
- have a minimum of three years in business, and operate as a business-to-business (B2B) company.
Grant applications are accepted at: foundersfirstcdc.org/center-for-economic-inclusion-vanguard-accelerator
Women- and minority-owned ventures only account for 2% of received venture capital—which is the fuel that drives growth. The Vanguard Accelerator acknowledges that most capital sources are not designed for the average diverse business owners and therefore provides a methodology and framework tailored to this segment of entrepreneurs.
Even after a wave of diversity, Equity, and inclusion (DEI) pledges from banks and corporations in 2020, only a small fraction of funding went to organizations that were minority-owned. There is a lag between promises and progress, but this program looks to move the needle and rectify the historical inequities in access to capital by supporting the ability to scale and further contribute to the nation's economy.
"Our efforts to invest in Black and Latina women business owners and expand their capital, connections, capacity and contracts are paying dividends for the entire state, as these leaders diversify their business models and grow Minnesota's base of family sustaining jobs. Our research shows that Minnesota's local governments, corporations and employers have significant opportunities to diversify their spending with Black, Indigenous, Latino and Asian-owned businesses, to strengthen their supply chains and the local economy. Now is the time to make good on the 2020 pledges to spend more with these firms, and we're proud to be creating spaces for life changing connections," says Tawanna A. Black, Founder and CEO of Center of Economic Inclusion.
"Recognizing the unique challenges faced by founders of color, the Vanguard Accelerator delivers a transformative approach that goes beyond conventional funding models, says LeeAnn Rasachak, CEO of WomenVenture. "Our commitment is shared by regional partners who recognize the strategic investment in unlocking untapped potential and fostering innovation among diverse entrepreneurs."
Founders First CDC Founder & Board Chair, Kim Folsom says, "What accelerates value creation? The conversation includes access to capital—but must go beyond it. Only 2.4% of Black-owned businesses are employer firms. Our partnership with The Center supports founders of color to have access to funding, the business ecosystem, and support to scale."
2023 finalist Edna McKenzie, Founder, Midwest Select Contracting is a testament to this recipe for scaling success serving both personal, organizational, and economic growth, "I used my funds to purchase technology to train my employees. This gave me the runway to grow and hire more people and provide more benefits for my employees, such as retirement."
Qualifying Applicants are eligible to receive one or more:
– Founders First CDC is offering $50,000 unrestricted grants in the form of $5,000 grants
– Center For Economic Inclusion is offering Forgivable Loans ranging from $25,000 to $250,000 to support growth, sustainability, and job creation.
Center for Economic Inclusion
The Center for Economic Inclusion, founded in 2017 in Saint Paul, Minnesota, is the nation's first organization dedicated exclusively to equipping public and private sector employers and policymakers to close racial employment, income and wealth gaps and catalyze inclusive economic growth. The Center is a think-and-do tank, an accelerator responsible for producing the business and government executives, and Black, Indigenous, Asian, and Latino business owners who will transform regional economies into thriving, racially equitable ecosystems for everyone. The Center offers research, education, advocacy, job creation, and transformation consultancy services in services of its mission to educate, equip and influence 20,000 leaders, employers, and policymakers to take anti-racist actions to ensure that 3,000,000 people experience a racially just, inclusive, and economically vibrant economy by 2028. Learn more: www.centerforeconomicinclusion.org
Vanguard Accelerator and Vanguard Fund
The Center for Economic Inclusion's Vanguard Accelerator and Vanguard Fund are fueled by a multi-sector collaboration to maximize wealth-building opportunities for Black, Indigenous, and Latina-owned businesses in the Minneapolis-St. Paul region. Vanguard offers bank-ready businesses in high-growth industries proven tools and resources to scale, while also building racially inclusive and equitable corporate and government supply chains. The Vanguard Accelerator and Fund complement the diverse array of business development programs for start-ups, by intentionally arming Black and Brown business owners with the tools, financial and human capital necessary to scale those businesses and become job creators and wealth builders, by competing for and securing corporate and government contracts for revenue growth. Learn more: foundersfirstcdc.org/center-for-economic-inclusion-vanguard-accelerator
Founders First CDC
Founders First CDC is a nonprofit 501c3 that was founded in 2015 and has received significant support from the regional community reinvestment banks to empower diverse founder-led, revenue-generating small businesses through three primary programs: (1) Founders Challenge; (2) Founders Bootcamp; and (3) Founders FastPath. By building recurring revenues, tech enablement, and essential solution focus, Founders First is a catalyst for positive change for underserved entrepreneurs and founders to become leading employers in their communities. Since launching, Founders First CDC has awarded more than $620,000 to minority and underserved business owners throughout the United States, focusing on Texas, Chicago, Southern California, Pennsylvania, and New Jersey regions. Through this partnership, Founders Frist CDC has officially expanded its impact offering to Minneapolis-St. Paul. Learn more: www.foundersfirstcdc.org.
NEOO Partners, Inc.
NEOO Partners is a creative urban planning, place-making, and real estate consulting firm for small to medium-sized businesses, non-profit organizations, and local units of government.
Clients benefit from the process of creating a shared vision with the help of the firm that is grounded in culturally competent solutions and human-centric experiences. NEOO leverages applied empathy to deliver thoughtful yet people-focused solutions for clients by cultivating sustainable relationships in the community and layering quantitative data with the qualitative experiences of residents, businesses, and stakeholder organizations. Learn more: www.neoopartners.com
Media Contact
Rebecca Toews, Center For Economic Inclusion, 1 612-707-2607, [email protected], https://www.centerforeconomicinclusion.org/
SOURCE Center For Economic Inclusion
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